CBN, Police, Others Vow To Prosecute Traders Of New Naira Notes

The Central Bank of Nigeria (CBN) has expressed grave concern over the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.

In a statement issued by the CBN spokesman, Osita Nwasinobi, on Thursday afternoon, the apex Bank said it has equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them.

It also noted the worrisome cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN, warning the culprits against such actions.

“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever,” the apex bank said in the statement.

Section 21(3) of the Central Bank of Nigeria Act 2007 (as amended) stipulates that “spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.”

Similarly, Section 21(4) states that “It shall also be an offence punishable under Sub section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”

Accordingly, the CBN said it was collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.

“We, therefore, warn Nigerians, particularly those at social functions such as birthdays, weddings and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies,” Nwasinobi said.

The bank reiterated it commitment to Nigerians to ensure the effective distribution of the newly introduced Naira banknotes, urging them to exercise patience as the CBN was working assiduously to address the challenge of queues at ATMs.

He revealed that the CBN governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.

“We also admonish members of the public to embrace and adopt other payment channels for their transactions.

“The Naira is our legal tender and symbol! of national pride. Therefore, let us respect it and handle it with care,” he added.